Avison Young closes $23M sale of 29,350 sf Pembroke Centre retail plaza for record $784 psf in Pembroke Pines, FloridaFebruary 16, 2023
Retail property sale sets new record price per square foot in Broward County, highlights persistent high investor demand
MIAMI – Avison Young’s Florida Capital Markets Group completed the $23 million sale of Pembroke Centre, a 29,350-square-foot class A retail plaza on 4.06 acres at 304-306 SW 145th Avenue in Pembroke Pines, Florida. The sale closed at a record $784 per square foot for a shopping center in South Florida’s Broward County.
Avison Young Principals David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty, CCIM; and Brian de la Fé marketed and sold the property on behalf of the seller, PP Omni Ventures affiliated with Hart Lyman Companies. The buyer was OMAX Invest LLC.
“The seller was the original developer of the shopping center and stabilized the property with a diverse, high-quality tenant roster that appealed to the buyer,” said Duckworth. “We leveraged these attributes and our ability to reach a wide range of buyer profiles, and ultimately commanded record pricing as a result of our competitive bidding process.”
Conveniently located near Interstate-75 and Pines Boulevard, Pembroke Centre is 100% occupied with a well-rounded, e-commerce resistant tenant roster including Pubbelly Sushi, Firebirds Wood Fired Grill, and Xfinity Store by Comcast. The property sits on an outparcel with a shared entrance to Shops at Pembroke Gardens, an open-air retail and entertainment destination, and benefits from the more than 17,000 weekly visitors its neighbor attracts from the densely populated, upscale suburban area. There are more than 200,000 residents within a five-minute radius of the property, generating total annual consumer spending of more than $1.6 billion.
“Interest rate increases in late 2022 provided a challenging environment for this low-cap rate sale; however, we continue to see high investor demand for quality class A assets like Pembroke Centre,” said Fay. “Despite macro-economic shifts setting the tone for a more cautious investment market, the buyer recognized the long-term value in this property and proceeded to a successful close.”
Monolith Real Estate Property Management represented the buyer during the transaction.
Avison Young is currently marketing the adjacent pad/folio spanning 8,541 square feet, occupied by a single-tenant-net-lease Twin Peaks restaurant, the top-grossing Twin Peaks in the world with annual sales in excess of $1,400 per square foot. The asking price for the property is $8.8 million.
About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.
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For more information:
- David Duckworth, Principal, Avison Young: 954.938.1806
- Michael T. Fay, Principal and Managing Director, Avison Young – Miami: 305.447.7842
- John K. Crotty, CCIM, Principal, Avison Young: 305.447.7865